Many merchants may have thought that the Strong Customer Authentication (SCA) elements of the Payment Services Directive 2 (PSD2) would mean that fraud liability would be shifted away from their responsibility. With a deeper understanding of the regulation, there is a realisation that there are still many things which should be considered when managing online fraud attacks.

While the concept of making payments without physical currency has existed for a long time, the promise became a fast-moving reality with the global proliferation of mobile devices. Now, aided by the technology, banking and payment services are rapidly expanding all over the world. And while the field of mobile payments is still a relatively new one, some key trends are clearly emerging.

Fraud prevention can be compared to solving an expanding jigsaw puzzle on a platform that is constantly rotating. Though a bit more complicated than a jigsaw puzzle, the same simple concepts still apply. To solve any puzzle, one must bring the proper mind and right pieces to the table.

It wasn’t long ago that fraudsters would have to visit a physical location to buy goods using a compromised credit card. In more recent times, fraudsters began to use compromised credit card numbers to buy online, to then have items shipped to a forwarding address.